By Sheri Kasprzak
New York, Dec. 20 - Martin Midstream Partners LP completed a private placement of limited partnership units for $15,299,029.
The company sold 470,484 limited partnership units at $31.88 each to Martin Resource Management Corp., the owner of Martin Mainstream's general partner. Also, Martin Mainstream's general partner bought 9,410.3 units at the same price to maintain its 2% general partnership interest.
Proceeds will be used to repay a portion of the company's existing credit facility.
Based in Kilgore, Texas, Martin transports and stores petroleum and petroleum byproducts.
| Issuer: | Martin Midstream Partners LP
|
| Issue: | Limited partnership units
|
| Amount: | $15,299,029
|
| Units: | 479,894.3
|
| Price: | $31.88
|
| Warrants: | No
|
| Investors: | Martin Resource Management Corp., general partner
|
| Settlement date: | Dec. 20
|
| Stock symbol: | Nasdaq: MMLP
|
| Stock price: | $32.64 at close Dec. 20
|
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